The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-12-15
CONDITION OF THE MARKETS
A Break in Prices Causes a Good Deal
of Excitement on the Chicago Board.
Sharp Decline in Pork, Corn and Wheat,
Accompanied by Heavy Selling-A Reaction
Takes Place During the Afternoon.
MONEY, BONDS AND STOCKS.

Decrease of Activity. Accompanied by a
Complete Change of Tone.
NEW YORK, Dec. 14-Money on call was
easy at TO per cent, closing offered at a.
Prime mercantile paper, 5k08 per cent.
Sterling exchange was dull but steady at
s4.sl for sixty day bills, and 81 "a for demand.
The total sales of stocks to-day were $50, 140,
shares, including the following: Delaware,
Lackawanna & Western, "a. 800; Erie. 163l2
Lake Shore, II, 610; Louisville & Nashville, g.
$780, Northwestern, $780, Reading. IA. 040; St.
Paul. "a, $50; Union Pacific, 80, 955; Western
Union. %, $50.
The stock market was less active to-day, but
complete change in its tone occurred. and prices.
after buoyant opening, advanced almost stead
lily until the close. the news of the day was al
most entirely of favorable nature, including
the settlement Of the trunkline trouble and
dividends declared. the one on Western being
specially influential. London came higher this
morning. and there was an urgent demand from
the foreigners in the early trading which was
a complete surprise to the bears" and their OPP
erations for the most of the day were confined
TO attempts to cover their outstand-
ing contracts, which, even after the ces-
sation of the outside demand. kept
the market firm and advancing for the re-
mainder of the day. Reading and Lackawanna
were the features of the morning hours transac-
tions the crowd in the former being 30 large
that sales were made at the opening per cent
apart. The buying in these stocks is said to be
largely for inside parties. L ne only important
resistance to the improvement was from the
Chicago party. Union Pacific was still one OF
the prime fayorites. and Richmond & West
Point, while less active than usual OF late, was
strong with .Ae remainder, Notwithstanding the
refusal of certain gentlemen to serve on the
board of directors. Manhattan again advanced
on the dividend and report, and Fort Worth &
Denver on the strength of its very favorable an
nuel report
There was very little bear news circulated.
and more outside purchasing than has been
noticed for some time. The opening was very
strong at advances extending to per cent, and
on active trading further gains were made.
though there was no marked movement except
in few specialties. The volume of business
nand was supplied, but the appreciation OF
values, while slow, ceased only with the close OF
business. The close was quiet, but firm. gener-
ally at or near the best figures reached. The
entire active list is materially higher tonight.
the principal gains being Canadian Pacific and
Manhattan, q each: Richmond &c West Point
preferred, q; Union Pacific, Il; jersey Central,
Lake Shore Norfolk 81 Western preferred,
Reading, Richmond & West Point and Western
Union IL each; Missouri Pacific and Louisville
& Nashville, Il each; Erie, Kansas & Texas,
and st. Paul, per cent. each.
Railroad bonds, while dull felt the improve
ment in the general feeling on the street, and
were strong from opening TO close. Kansas d
Texas securities and Chesapeake 81 Ohio issues
were very strong, and International seconds,
after opening down, reacted ; per cent The
sales of the day were S769. 000 Chesapeake 81
Ohio extension fours rose 81, TO 68; the currency
bonds, 81, to 224; Detroit, Mackinac 81 Mar
quette land grants. q. to 34s; Kansas & Texas
skies. 2, to IA
Government bonds were active and
strong.
State bonds were dull and steady. Closing
ions war